News
On 27 November, Pepper Group (Pepper) launched its indicative A$750 million (US$541.6 million) equivalent residential mortgage-backed securities (RMBS) transaction, PRS 22. The forthcoming deal includes notes denominated in Australian dollars, euros and US dollars. The Class A1-G€ and Class A1-Ga notes will be exclusively backed by green mortgages.
On November 27, ANZ Banking Group (ANZ) (AA-/Aa3/AA) launched a three- and five-year benchmark senior-unsecured transaction. The forthcoming self-led deal has price guidance in the area of 82 and 105 basis points over swap benchmarks and is expected to price on the day of launch.
On 26 November, Agricultural Bank of China Sydney Branch (A/A1/A) launched a new, three-year domestic benchmark deal at 105 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia, HSBC and National Australia Bank are leading.
On 26 November, ME Bank (BBB/Baa1) launched a new indicative A$100 million (US$72.3 million) perpetual non-call five-year additional tier one (AT1) transaction, with initial price guidance of 475-500 basis points over three-month bank bills. Pricing is expected the day after launch, with National Australia Bank, UBS and Westpac Institutional Bank.
On 26 November, ING Groep (A-/Baa1/A+) mandated ANZ, Deutsche Bank, ING, National Australia Bank and TD Securities for a potential Australian dollar denominated senior-unsecured deal. The possible transaction, to be issued at holding company level, will come in either or both medium- and long-dated bullet formats.
On 26 November, Metro Finance launched its capped A$300 million (US$217 million) automobile and equipment asset-backed securities (ABS) transaction, Metro Finance 2018-2 Trust, via National Australia Bank as arranger. The deal is expected to price on or around 28 November.
On 26 November, Agricultural Bank of China Sydney Branch (A/A1/A) mandated ANZ, Commonwealth Bank of Australia, HSBC and National Australia Bank as lead managers for a new, three-year domestic deal. Initial price thoughts for the possible deal are in the area of 105 basis points over three-month bank bills.
On 26 November, Bluestone Group (Bluestone) launched its indicative A$350 million (US$253.2 million) residential mortgage-backed securities transaction, Sapphire XX 2018-3 Trust. All tranches except the Class A1b and A2 notes have been preplaced.
Australasian deal flow in the third week of November was highlighted in New Zealand by Chorus's NZ$500 million (US$340.4 million) 10-year deal and in Australia by University of Sydney's A$200 million (US$145 million) 25-year transaction. Meanwhile, Bendigo and Adelaide Bank priced a A$275 million tier-two transaction.